Sup, forex brothas! Today we’re looking at AUD/NZD‘s short-term uptrend and USD/CAD‘s triangle situation on the 4-hour chart. Check them out!
AUD/NZD is about 60 pips away from the 1.0125 handle that lines up with a channel support that has been keeping the bears at bay since mid-March.
Can Aussie bulls keep the party going today? The 100 SMA crossing above the 200 SMA should get some buyers on board.
Buying at current levels would still give you a decent enough reward-to-risk ratio especially if you aim for March highs near 1.0290.
If you’re not convinced that the Aussie will continue to gain against the Kiwi, however, then you can also wait until AUD/NZD breaks this week’s lows and then set your sights on March’s lows as initial profit targets.
Whichever bias you’re trading this week, make sure you follow your trading plan like your trading account depends on it!
I spy with my eye a descending triangle pattern!
USD/CAD has been making lower highs even as it finds support just below the big 1.4200 handle.
Pattern warriors who believe that the descending triangle would lead to a reversal for USD/CAD can wait for a clear break below the 1.4175 support before targeting levels like 1.3960 and 1.3680.
But what if the bulls are just taking a breather? Remember that descending triangles don’t HAVE to see downside breakouts.
If you’re one of them dollar fans, then you can buy at current levels and then take profit at a trend line resistance retest or an upside breakout of the pattern.
What do you think? Where will USD/CAD go next?
Forex Chart Settings:
Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line
Roz has been engaged in the financial markets since 2017, specializing in Foreign Exchange, Before joining to FOREX IN WORLD she start to learn forex trading related information.
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